Thomas Cook Group PLC Director Declaration (1458S)
29 September 2017 - 12:44AM
UK Regulatory
TIDMTCG
RNS Number : 1458S
Thomas Cook Group PLC
28 September 2017
28 September 2017
Thomas Cook Group plc
(the "Company")
CFO Remuneration Disclosure
The following information is provided in accordance with section
430(2B) of the Companies Act 2006. The arrangements set out below
are in accordance with the Directors' Remuneration Policy approved
by shareholders at the 2017 Annual General Meeting ("AGM").
As previously announced, Michael Healy is retiring, and will
step down as Chief Financial Officer and as a Director of Thomas
Cook Group plc on 31 December 2017. Michael has a six month notice
period and during this period will remain available to the Board to
assist with the transition and will leave employment with the Group
on 31 March 2018. Michael will be treated as a good leaver in
respect of his bonus and outstanding share awards in line with the
plan rules and Directors' Remuneration Policy. There will be no
loss of office payment made.
After ceasing employment with Thomas Cook, Michael will continue
his non-executive Director roles in Thomas Cook China and Thomas
Cook Money. The single consolidated fee for these Board roles will
be GBP80,000 per annum in total, with any additional consultancy
fee for advisory work to the Thomas Cook Group plc paid at a rate
of GBP5,000 per day. It is expected that the latter fees will not
exceed GBP60,000 per annum.
Additionally, in advance of the publication of the Directors'
Remuneration Report, the Company are providing the key terms of the
remuneration arrangements agreed for Bill Scott, taking effect 1
January 2018.
Key terms are as follows: base salary of GBP420,000; with a
bonus up to a maximum of 150% of salary (with deferral of one-third
into shares for two years under the rules of the plan); eligibility
to participate in the PSP in accordance with the rules of the plan;
a shareholding requirement of 200% of salary, pension allowance of
20% of salary; and other benefits in line with the Thomas Cook
Group Directors' Remuneration Policy. There is a notice period of 6
months on either side.
In respect of the appointment of Bill Scott, no information is
required to be disclosed pursuant to LR 9.6.13.
Details of these arrangements will be included in the Directors'
Remuneration Report for the year ending 30 September 2017 under the
Company's statement of implementation of remuneration policy in the
following financial year.
Enquiries:
Alice Marsden Matthew Magee
Group General Counsel and Company Head of Corporate Communications
Secretary 020 7294 7059
020 7557 6400
This information is provided by RNS
The company news service from the London Stock Exchange
END
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